Affiliated Trump organizations received close to $100 million as trading fees during a few weeks from the Official Trump meme coin as reported on February 3. This profit came at the expense of thousands of small investors who lost amounts during a recent survey.
TRUMP meme coin profits come from Trump brand endorsement and support. The trading fees connected to the coin hit between $86 million and $100 million according to Merkle Science and Chainalysis updates on January 30. Several estimates show the coin generated more than $100 million by January 29.
Trump Promotes Meme Coin
CIC Digital earns profits as one of the critical entities involved with TRUMP meme coin success and ownership. CIC Digital runs TRUMP’s official website and offers to take a percentage of trading fees but does not specify if Trump benefits personally from these fees.
The money flowing into Meteora’s platform passes through the TRUMP coin on its initial launch into DeFi. According to Chainalysis 50 principal investors gained more than $10 million each from their position.
About 200,000 average wallet owners who invested in the coin suffered monetary losses while 200,000 larger wallets earned money in this transaction. Eric Trump promoted the TRUMP meme coin by calling it the hottest digital token worldwide since the project has just begun.
The TRUMP coin brought new scams to life when its brief market peak to $72 billion attracted numerous fraudulent schemes. According to Blockaid, fraudulent token sales increased by 6800 and dapps by 91 through two days of TRUMP coin promotion. The excessive number of fraudulent assets made it hard for investors to spot authentic investments.
The Trump-linked entities that appreciate Dogecoin’s money making success question if promoting this risky investment type is ethical.
This news is republished from another source. You can check the original article here